Egyptian Takaful Life Covers Hajj Expenses Five Yrs After Contract

The Egyptian Takaful Co. – Life received the Egyptian Financial Supervisory Authority’s approval over launching new packages in Ramadan.

The Company will launch two new insurance products. The first one pays all the expenses of Hajj pilgrimage including the charges of journey tickets, residence and visa five years after contracting with the company, said Hisham Abdel Shakour, managing director of the Company. Customers will pay monthly premium of EGP 1000.

In addition, customers nominate someone else to go for the Hajj instead of them in case of death.

The Egyptian Takaful Co. – Life had premiums of EGP 45 million in FY 2011/2012, up from EGP 16.6 million in FY 2010/2011. The total value of due compensations reached EGP 14 million in the last fiscal year.

Group insurance contracts accounted for 70% of the total value of premiums and individual insurance contracts accounted for 30%.

The Company targets to increase the volume of premiums to EGP 150 million with a growth rate of about 300% in FY 2012/2013.